Dubai World and its joint-venture partner in the Fontainebleau Miami Beach resort have offered US$100 million (Dh367.3m) of new equity to lenders as part of a debt restructuring plan in an effort to retain ownership of the property, reports say.
Istithmar World, the investment arm of Dubai World, yesterday said the resort was a good investment that it planned to support.
"We believe Fontainebleau Miami is a valuable asset with a solid future," it said. "We are working with our joint-venture partner to ensure its considerable potential is realised."
The 1,054-room South Florida resort, which was featured in the films Scarface and Goldfinger and hosted world-famous guests including Frank Sinatra and Elvis Presley, is jointly owned by Dubai World and Miami property developer Jeffrey Soffer.
Two years ago, Dubai World paid $375m for a 50 per cent interest in Fontainebleau Miami Beach. The resort then underwent a $1 billion restoration, reopening in November 2008, just as the hotel industry worldwide was suffering in the global economic crisis. The hotel also took a hit, with room rates declining.
The Fontainebleau Miami Beach borrowed more than $620m to fund the restoration programme and, according to Bloomberg, the owners have not paid their lenders since September.
Mr Soffer has been bruised by the economic crisis. His bankrupt $3bn Fontainebleau Las Vegas resort project was sold to the investor Carl Ichan for $156m this year.
Dubai World, which is working on restructuring $26bn of debt, in December lost its W New York Union Square hotel for $2m in a foreclosure auction. Istithmar World paid about $282m for the property in 2006.
A spokesman for Istithmar World at the time expressed disappointment that the lender had chosen such a route, and added that Istithmar "felt real progress was being made in negotiations with the various lenders to restructure the debt of W Union Square for the future".
The spokesman said Istithmar had "provided considerable equity and support to W Union Square to help service the debt", but because of the economic downturn it was "not prudent to continue to do that".
This month, Istithmar World handed over an apartment building in New York to its lender, Danske Bank, after defaulting on a $300m mortgage. It had bought the building, which was the former Knickerbocker Hotel, in 2006 with plans to convert it back into a hotel.
Amid the broader Dubai World debt restructuring process, there has been much speculation that Istithmar may try to sell some of its assets.
Among others, it owns the luxury retail chain Barneys New York and a 20 per cent stake in Cirque du Soleil. Istithmar World also owns the Mandarin Oriental hotel in New York, the W Washington hotel, the Turnberry golf resort in Scotland and the Queen Elizabeth 2 ocean liner.
David Jackson, the former chief executive of Istithmar World who oversaw some of the investment firm's most high-profile purchases, resigned in January.
@Email:rbundhun@thenational.ae
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
More on Quran memorisation:
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The%20specs%3A%202024%20Mercedes%20E200
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Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Diriyah%20project%20at%20a%20glance
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Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
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2019 ASIAN CUP FINAL
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
